Working With A Bankruptcy Attorney To Create A Debt Relief Plan
There may be many reasons for your debt becoming out of control. When debt becomes too much, you need solutions to consolidate your finances. This process may require the help of a bankruptcy attorney to help you deal with collectors and create a debt relief plan. The following information will help you work with a bankruptcy attorney to create a plan to deal with your financial debt:
Auditing Financial Records
Before filing for bankruptcy, your financial records will need to be audited. You will need to provide your bankruptcy attorney with all of your financial records and any other information that will be used in your case. They will audit your income, expenses, and property to determine the debt you owe and the possibilities for filing bankruptcy. The auditing will create a clear picture of your finances, debt, and why you need to file for bankruptcy.
Assessing Your Assets
You may have some assets that can be used for your financial plan. You want to assess the types of assets you have and what you want to sell. There are various types of assets that you may want to liquidate to pay off debts. There may also be properties that you want to protect, which will need a special trustee. A bankruptcy attorney can work with the trustees and help deal with assets while you are waiting for hearings.
Reconsolidating Debts
Once you have liquidated assets that you needed to pay debts, you will be ready to start reconsolidating your debts. There are a lot of options to consolidate your debts. Your bankruptcy attorney can work with collectors to make a deal during hearings. They will find the best deal for you to pay off as much of your debt as possible and consolidate what you owe into one payment.
Filing Bankruptcy
The last step in the bankruptcy process will be to file the paperwork. The attorney you work with will help with various issues beyond the filing. They will find a bankruptcy trustee to handle the assets and financial aspects of your bankruptcy. The filing process will involve making offers, dealing with hearings, and agreeing on a final resolution. Once the filing and hearing processes have been completed, you will be ready to continue with debt relief to rebuild your life and move past your bankruptcy.
Your financial debt can be overwhelming, but there are things that can be done about it. Contact a bankruptcy attorney for help dealing with the collectors and begin developing a debt relief plan.
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